Parents are eligible for a $4,000 dependency deduction per child in 2015. Keep in mind that there are several other exemptions available, including deductions for health insurance and student loan interest. For households with an adopted child or eligible dependent in college, there are even more ways to help lower the amount of tax owed. For a complete listing of 2015 child tax credits, call Flower City Tax and speak with one of our family tax specialists.
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